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Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
 Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil prices over the past couple of months. With Iranian oil out of the picture for many of the main importers, Saudi Arabia and the rest of the OPEC countries have already started to gradually increase their output to cover the demand gap, said Yiannis Vamvakas, Research Analyst of Allied Shipping.
However, he further noted that, these plans were disrupted by a footnote in these most recent sanctions, which stated that several countries (including China, India and Japan) are allowed to continue importing oil from Teheran for a limited time period, but without any specified limitation in the imported volume. It is worth mentioning that China is the biggest importer of Iranian oil. This would essentially leave Iranian production levels to approximately 1.1 million bpd in November and to even higher figures in December. In addition to this, competition from other countries has intensified. Russia has raised its output during the previous months (11.41 million bpd in October), and with further growth being planned for 2019. At the same time, US production is expected to reach to 10.7 million bpd by the end of the year and is set to increase by another 250,000 bpd in 2019. As a result, Brent oil prices, which had reached a four-year high of $86 a barrel in October based on tight supply concerns, have slid back down to $67 now, losing around 21% within a month.
Allied weekly research report further said, with a supply glut on the horizon, Saudi Arabia is now considering proceeding, together with the rest of OPEC members, to an output cut of about 1.4 million bpd, even though Washington asserts that the provision of waivers is a temporary measure. Another interesting aspect of the Iranian sanctions is the possible decision by Teheran to maintain production numbers at high levels, even after the waiver program expires, and use some of the domestic VLCC fleet as floating storage. With a considerable portion of the Iranian tanker fleet out of the picture, market participants can expect a positive impact on the demand for the rest of global tanker fleet despite reports that there are already around 14 inactive Iranian VLCCs.
Moreover, Yiannis Vamvakas said, it is worth mentioning that the average haul should increase, adding further support for freight rates. China will turn its focus to other oil sources with West Africa and Brazil being most likely candidates, increasing the average ton-mile demand significantly. Other Far Eastern countries that are currently under the US waiver program will also change their import business partners with the US being an additional option. However, here we should mention that despite the continuing dredging that takes place in the US Gulf ports, fully loaded VLCCs are still unable to call the majority of ports there.
Freight rates in the crude oil market have already picked up over the past couple of weeks, with the Iranian sanctions being an important factor. Beyond this however, with the northern hemisphere enter into its winter period, the seasonal increases in oil demand that typically take place have also played a significant role in this most recent rally. The Paris-based International Energy Agency (IEA) announced in their latest monthly report that its forecast for global demand growth for 2018 and 2019 have remained unchanged from last month. With some volatility being anticipated due to uncertainty in the oil market, market participants are expecting the positive sentiment to continue for the rest of 2018, as well as the first quarter of 2019. However, with the rate of deliveries expected to be seen within 2019 this current upward momentum trend may well end up being curbed significantly in the long run.
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Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- VISA Power Limited - India
- The University of Queensland
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
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